Articles Tagged withMisrepresentation

Steven Pagartanis (CRD #1958879) was employed by Lombard Securities Inc. from September 2017 through March 2018. Previous employment included Cadaretm Grant & Co, Inc. from September 2012 to March 2017 and Woodbury Financial Services, Inc. from August 2011 to September 2012.

Pagartanis was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Pagartanis consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with an investigation of allegations that he made fraudulent misrepresentation to customers and misappropriated customers’ funds.

When Hurricane Maria landed in Puerto Rico, it caused devastation to the island’s infrastructure, crops, homes and power grid that will take many years to repair. But the damages to Puerto Rico include losses in municipal bonds and the mutual funds that hold them, which were close to default even before the storm.

While the island still struggles to recover, it wasn’t the first catastrophic event to hit the island territory. In 2014, Puerto Rico was already headed for a severe financial crisis, with bond sales from Morgan Stanley brokers as the catalysts.

Morgan Stanley and Barclay’s were responsible for underwriting the island’s $3.5 billion sale in March 2014. This sale was the last major issue by Puerto Rico before declaring bankruptcy on May 3, 2017, for a debt restructuring amounting to $3.8 trillion. The island’s debt stood at $70 million, and it needed to restructure pensions of $49 million. This municipal bankruptcy was even bigger than the city of Detroit’s 2013 restructuring of $18 billion.

Kim D. Isaacson

CRD#855618

Silver Law Group is investigating former Midvale, Utah based Ameriprise Financial Services, Inc broker Kim D. Isaacson after FINRA received a complaint of fraudulent misrepresentation, omission of material facts and unauthorized trading

Silver Law Group is investigating Fargo, North Dakota-based Wells Fargo (CRD#11025) broker Regan A Rohl (CRD#1877645) over allegations of misrepresentations.

According to Rohl’s FINRA BrokerCheck report, a customer filed a complaint against Rohl in June of 2017 alleging he sold the customer unsuitable Oil and gas investments and misrepresented them as well. The FINRA arbitration complaint alleges $1,500,000 in damages.

Fischer has another Oil and gas related disclosure on his BrokerCheck report. In June 2017, a customer complaint was received with alleged damages of over $85,000. The complaint alleged negligence and overconcentration.

According to Fischer’s FINRA BrokerCheck report, a customer filed a complaint against Fischer in August 2016 alleging he sold the customer unsuitable investments and misrepresented them as well. The FINRA arbitration complaint alleges $500,000 in damages.

Fischer has one other disclosure on his BrokerCheck report. In December 2014, a customer complaint settled for over $140,000. The complaint alleged negligence.

According to Brisard’s BrokerCheck report, in January 2016 Brisard was named a respondent in a FINRA complaint alleging that he sold an unregistered security. FINRA found that Brisard sold unsuitable investments at undisclosed markups of 14-33 percent using general solicitation emails that fraudulently misrepresented the product and the respondent’s role in its development.